- Net sales revenues: EUR 3.88 billion
- CCS EBITDA: EUR 469 million
- Capital investments: EUR 292.2 million
- Modernization of the Rijeka Refinery worth almost EUR 700 million: 92% of completion
- New discoveries of oil and gas in the exploration areas of Sava-07 and Drava-03
- Wholesale fuel volume growth on captive markets: 6%
- Growth of the non-fuel retail segment: 30%
Zagreb, 20 February 2025 – INA Group performance in 2024 stayed stable with CCS EBITDA excl. special items amounting to EUR 469 million, and investment level that remained strong at EUR 292.2 million.
Exploration and Production EBITDA was lower following the lower gas price and expected natural decline of production, amounting EUR 297 million in 2024. Production optimization activities were conducted to reduce natural decline, water cuts and lower contribution from Offshore projects. That contributed to maintaining stable levels of production with decrease of 5% compared to last year. Capital investments were focused mainly to Croatia. Within the framework of the signed partnership, four new wells were drilled on Sava-07 Exploration Block and independently drilling of Obradovci-5 well is finished on Drava-03 block which resulted in new gas and oil discoveries. New seismic acquisition campaigns were done in Croatia, with a goal of portfolio diversification towards the exploitation of geothermal energy. Production in Egypt was slightly higher driven by gas production from new concession East Damanhur and entitlement increase on Ras Qattara concession.
Refining and Marketing incl. Consumer Services and Retail segment result improved driven by better sales volumes and margins. Consumer Services and Retail sales volumes amounted to 1,478 kt in 2024 which is 5% above 2023, with higher realization on core markets and seasonality effect. On top of higher fuel margins, non-fuel margin continued to grow for 30% reflecting continuous expansion in consumer goods, increasing number of Fresh Corners and with the support of INA Loyalty program counting over 700 thousand registered members. In line with mentioned positive trends, CCS EBITDA of the segment amounted to EUR 167 million, while Simplified Free Cash Flow remained negative at EUR (13) million, following Rijeka Refinery turnaround investments and continuation of Rijeka Refinery Upgrade project.
Overall capital expenditures amounted to EUR 292.2 million and slightly decreased compared to 2023, two thirds of which was spent in Refining and Marketing incl. Consumer Services and Retail. Rijeka Refinery Upgrade Project, the most significant INA’s single investment ever worth almost 700 million euros, reached 92% of total completion. Net debt increased to EUR 482 million with gearing ratio of 23% following the strong investment cycle.
Zsuzsanna Ortutay, the president of the INA Management Board, commented on the results:
“In 2024, the improvement in retail and wholesale price environment has enabled us to strengthen the company’s financial stability. We achieved a CCS EBITDA of EUR 469 million and investment level remained strong at EUR 292.2 million. The modernization of the Rijeka Refinery continued and at the year-end finished on 92% of total completion. Once completed, we will ensure greater utilization of crude oil, producing a higher share of marketable products for our captive markets. In addition, there will also be improvements in terms of energy efficiency and overall sustainability of the refinery.
Exploration and Production investments were focused mainly to Croatia and resulted in new onshore commercial gas and oil discoveries. We are as well implementing a range of technological and operational measures to extend the life of existing fields, managing to keep the expected decline in production at the lowest possible level. It is imperative to keep the production profitable, therefore, we focus on increasing efficiency level. We also continue to invest in our service stations, and as a result, our retail non-fuel segment is growing financially every year, with a strong 30% growth achieved in 2024 compared to 2023. Today, our retail sites are much more than just locations providing fuel, and our Fresh Corner food concept is well accepted by our customers with impressive 95% brand awareness in Croatia.
Looking ahead, 2025 will be a year of continued efforts to strengthen INA’s stability and assure successful business results. We will continue with thoughtful investments and sustainable growth, as we diversify our portfolio with a focus on profitable investments both in traditional and renewable energy sources, enhancing the company’s resilience to market challenges.”
The full INA Group Unaudited Financial Report for 2024 is available here.
About INA Group
INA Group plays a leading role in oil operations in Croatia and a significant role in the region in oil and gas exploration and production, oil refining and distribution of oil and petroleum products. INA Group comprises several subsidiaries fully or partial owned by INA, d.d. The Group’s seat is in Zagreb, Croatia. Apart from Croatia, INA also has upstream operations in Egypt. Oil refining takes place at the Rijeka Refinery, while sustainable alternative businesses are being developed at the Sisak industrial site. INA’s regional retail network consists of more than 500 retail sites in Croatia and neighbouring countries. INA Group is a member of MOL Group.
PR
Avenija Većeslava Holjevca 10, Zagreb
Phone: +385 1 6450 552 Fax: +385 1 6452 406 | @: pr@ina.hr